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Published: August 2017
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Report Code: AT11115
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Available Format:
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Category : New Energy Vehicles & Components
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The electric scooter and motorcycle market size is expected to reach $19,023.0 million by 2025, growing at a CAGR of 6.9% during 2017-2025. China has been the largest electric scooter and motorcycle market in Asia-Pacific, owing to its large population and high-paced urbanization. Whereas, India is expected to be the fastest growing market in the region. Since the past ten years, electric two-wheelers have been transforming the way people move in most of the Chinese cities. These features have been augmenting the demand for electric scooters and motorcycles in China. The Chinese electric motorcycle manufacturers have also been targeting the European market over the last few years. Holland is one of the major European markets, where Chinese electric two-wheeler manufacturers have successfully ventured in the recent past, with export of over 100 thousand electric scooters and bicycles.
GLOBAL ELECTRIC SCOOTER AND MOTORCYCLE MARKET, BY PRODUCT, ‘000 UNITS (2010 – 2025)
A significant growth is expected in the global electric scooter and motorcycle market, due to increasing carbon footprints globally, and need for advanced and efficient green energy vehicles (EV). In addition, tax concession on eco-friendly vehicles, development of smart cities, and favorable regulatory environment are some of the factors escalating the growth of the global market.
Trends
One of the major trends observed in the electric scooter and motorcycle market is the rapid increase in awareness towards adopting e-mobility for shorter distances. Discussions are already on the rise to obsessively focus on the range of available electric sources of technology for mobility to cover short distances in urban lands. This has further led to increase in development and production of electric scooters and motorcycles worldwide.
Growth Drivers
To encourage the use of environment friendly vehicles with low emissions, reduction in the registration tax and other liabilities have been offered by governments of different countries. This factor is majorly responsible for the rise in development and adoption of electric scooters and motorcycles by users in various countries, and is driving the demand of electric scooters and motorcycles in the automotive industry.
Vehicle owners buying environmental friendly vehicles are now enjoying tax concessions, while the governments are making an effort to scale up the adoption from middle class to lower class commuters through various tax relaxations. Further, incentives for electric vehicles are provided by several national and local governments around the world, to provide financial help to consumers and manufacturers for the purchase and production of plug-in and battery assisted light and heavy motor vehicles.
The increasing release of carbon by burning fuel on roads, has been a great concern for environmentalists and governments from the past decade. This concern has led to increase in the overall growth of electric vehicles (EV) and their adoption worldwide, thus acting as a prime driver for the growth of electric scooter and motorcycle market. Electric scooters and motorcycles, while reducing carbon footprints on environment, have gained significant interest from various governments as efficient and reliable sources of light motor vehicle (LMV) alternative. Further, reducing congestion and carbon emission is a fundamental part of any smart city project. The best way to achieve this milestone is the introduction of electric scooter and motorcycle for commuters. Developers of smart cities are also doing their part to promote such ecofriendly mobility alternatives as viable transport options for travelers.
Electric scooters and motorcycles being carriers of fewer vibrating and moving parts, require low maintenance; thus, reducing the need for periodic servicing, as against traditional vehicles. Since these modes of transportation are low maintenance alternatives and require minimum effort in servicing, they have gained huge interest from people not capable of assigning extra time for vehicle servicing and routine maintenance from their work schedule.
Opportunities
One of the major opportunities that can be viewed for this market is the food and beverage delivery sector. With the huge number of food and beverage outlets opening at a rapid scale across the globe, and rising demand for delivery options, electric scooters and motorcycles have ample opportunities to replace the traditional delivery models with cost effective, low maintenance and environment friendly characteristics. Food and beverage delivery generally have shorter distance range as the orders are mostly placed at nearby outlets. The adoption of electric scooters and motorcycles would benefit the providers with advantages like increase in the number of delivery vehicles, as they are cheap as compared to conventional scooters, thereby resulting in more number of delivery rounds, and reduction in the cost incurred on food and beverage delivery, by reducing the cost spent on maintenance and servicing of fuel based motor vehicles.
Further, the solar powered and automated charging stations create a huge opportunity for the growth of global electric scooter and motorcycle market. EV providers have ample opportunities to put forward their arms in the design and development of such charging stations to widen the horizons of complete nature based transportation.
The electric scooter and motorcycle market is highly fragmented, where top five players accounted for less than 35% revenue. All of the five major players- Yadea Technology Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Group, Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., belong to China. The other players who have good regional presence include Govecs Group, Amper Vehicles, Vmoto Limited, Hero Electric, Energica Motor Company S.p.A., BMW, and Mahindra GeneZe. New product launches and joint ventures have been the key strategies of these major players to expand their presence in this market.
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